Bernard Arnault, Chairman and CEO of LVMH, has reshuffled top management at his luxury goods empire.
Strengthening his family’s grip with the appointment of his daughter Delphine to lead Christian Dior and naming a new Louis Vuitton boss.
Pietro Beccari, Dior’s CEO since 2018, will take over for long-time Louis Vuitton CEO Michael Burke.
Both are well respected; logical promotions within the group, said Natasha Brilliant, a Credit Suisse analyst.
LVMH shares, which are worth about 380 billion euros (USD 408 billion), rose as much as 2 per cent to new highs. The recent relaxation of Covid-19 restrictions in China, a key market, has boosted shares in luxury companies.
Delphine Arnault has worked with Burke at Louis Vuitton for the past decade and previously at Dior.
Burke, Bernard Arnault’s longest-serving lieutenant and chairman of Tiffany, will continue to work alongside Arnault senior, the company said in a statement, without elaborating on his new role.
Burke, one of the fashion industry’s most powerful executives, oversaw soaring growth at Louis Vuitton, the world’s largest luxury label, playing a key role in recent years in elevating street styles to the realm of luxury.
Meanwhile, Beccari, who previously led the LVMH-owned label Fendi, increased sales at Ohristian Dior threefold to 6.6 billion euros during his tenure, according to Citi estimates, LVMH does not provide a breakdown of its brands’ annual sales.
The changes, which take effect in February, come on the heels of the recent appointment of Antoine Arnault, Bernard Arnault’s eldest son, to lead the family holding company, succeeding veteran executive Sidney Toledano.
